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>> right now, the european union is in distress. what would a failed euro mean for the e.u. or for its largest trading partner, the u.s.? >> the '08/'09 financial panic/crash/great recession put tremendous economic financial pressure on the entire global economy, including europe. >> in the same way in which the collapse of lehman implied global shocks, a dissolve in the situation of the eurozone is going to impact the united states. >> while everyone is telling the germans, "bail these guys out now," the germans are saying, "if we're gonna bail them out, we wanna fix the political crisis." >> at the end of the day, europe and the eurozone face an existential question: can we become the united states of europe? >> in a democracy, agreement is not essential, but participation is. >> never before in our history have we been so interconnected with the rest of the world. >> foreign policy is actually not foreign. >> america has faced great hardship before and each time we have risen to the challenge. >> the ultimate test is to move our society from where it is to where it has n
, the first head of state from haiti to address the parliament. since the 2010 earthquake, the eu has provided close to $415 million of humanitarian aid. this is about 30 minutes. [applause] >> [speaking foreign language] . >> colleagues, honorable president, relations between the eu and haiti are of particular importance to us. the earthquake which on january 12, 2010, devastated haiti, and over 220,000 victims, at 1.7 million people were made homeless as a result of this earthquake, led to unprecedented international solidarity, in particular on the part of europeans. the eu launched comprehensive humanitarian aid aimed at rebuilding the country. since 2010, the european union has been the most important donor when it comes to aid given to haiti. your country continues to have to cope with the disastrous consequences of the earthquake and this year, once again, natural disasters once again struck your country. hurricane isaac and heard gain sandy left destruction in their wake with devastating consequences on supply and the population with food, etc.. you can always count on close cooperatio
to replenish endangered fish stocks by setting limits on how much each eu state can catch of what kind of fish, but there's fierce debate over those quotas every year, and there are some types of fish that are not covered by fishing regulations at all -- scallops, for example. the eu says that since shellfish do not migrate, it is up to countries like britain and france to decide for themselves what is sustainable, but now it seems a scallop war is brewing in the english channel of mid resentment over who fishes what and where. >> this coastal town in southwest england has been provided for by fishing. out at sea, the crew of this trawler had a confrontation with french fisherman staking a claim to the scallop beds. captain smith was quite shaken by the experience. >> especially monday morning, 8:00, it all kicked off. i was woken up to be told we were surrounded by french trawlers. it was definitely a premeditated attack. >> the french fisherman film the altercation -- the french fishermen. in total, 40 french trawlers surrounded the five british ones. the standoff threatens to tear out of co
it was a miracle that he had survived. >> we will be back with more news including what the eu is calling it a milestone for europe. >> continuing our coverage rocketeers of friendship between france and germany, but turning away from politics. these pacts are not worth much without real ties. the cultural exchange was an important part of the treaty. >> there is a big french community in berlin. we found out what they think about the ties and the differences between the two countries. >> he came to berlin to do an internship. that was four years ago. the young journalists stayed on to document life in the german capital. his address book is a who's who of berlin. the contact come from his job editing a francophone listing guide, pocket berlin. he says it is great to be french in berlin. people are relaxed and approachable. quite simply, people are very direct. they find it easy to come up and chat. it's easy to talk to people, to make first contact with people here. >> he still spends a lot of time discussing life with his colleagues at the listing guide. most were attracted by the polis
a poll in frons show those in the uk would prefer to leave the eu. we are waiting on the results from italy's latest debt auction. it will be two years of a zero coupon and five years of an italian linked paper. we'll get the results coming up in just a moment. here is a check of the european markets. we have seen them particular to the upside. now with the exception of spain trying to fight back into the green this morning, bolstered basically by the general risk on attitude. perhaps some of the credit flows, some of the equity fund flows boosting stock markets around the world. here is a look at who is leading the index this morning. onte paschi is on the top of the board, up 6.35%. today it's continued to snap back on hopes of.continued investor returnings. asml, elements which help make computer chips is up about 4%. it has been upgraded. it's viewed as a winner here in the mobile phone wars as more continue to shift to that market. sbm offshore, peugeot, tnt express towards top of the pack. at the bottom, it's a different story. down 3.5% o a downgrade, some other companies there
david cameron promises to hold a referendum on the e.u. warning that a concession for the democratic leadership is wafer thin. >> if we don't address these challenges, the danger is that europe will fail and the british people will drift toward the exit. >>> google could light a fire under u.s. markets today as the giant's fourth quarter profits top forecasts on higher ad revenues. >>> and here in davos, bank ceos fight back against regulators in an exclusive cnbc debate, apologizing to scandals of the past but defiant it the role of the industry. >> i think there's so much misinformation out there that's used aggressively by people for their own purposes. we provide a service to you. we make a little money every time we do it. that's what happens. >>> and ceo confidence down for a third year in a row according to a survey here. despite markets hitting multiyear highs with lack of decisions in the u.s. weighing on sentiment. >>> okay, hello and welcome to the start of our coverage from the annual meeting of the world economic forum here in davos. day one of three come. kelly, i could
his criticism of eu integration at the world economic forum in davos. >> gender equality in the united states -- the pentagon lifts its ban on women in front line and combat roles. >> on the chopping block, germany's second-largest bank plans to fire up to 10% of its work force. the european union is at a crossroads, and the british prime minister, david cameron, says if the blockheads towards the centralized political union, then it is not for him and not for britain. >> german chancellor angela merkel has chosen her words very carefully, responding at the world economic forum in davos by voicing conditional optimism as far as europe's future goes. she says that patience is needed for structural reforms to take effect. >> she has also called for more regulation of the finance industry to avoid more turbulence, a point of contention with britain. both agree that competitiveness is the key, but how to go about that is the big question. >> david cameron brought his message with him to the swiss alps. in his address to the world leaders in doubles, he repeated his demands for big changes
risen to 26%. half of young people are out of work. but the eu has signaled it is willing to relax rules on spain, which could help soften the austerity measures apparently crippling the country. >> germany may be about to drop its objections to bailing out cyprus. despite misgivings about reports of money laundering by the island's thanks. >> a number of politicians in germany have accused separate banks of holding significant illegal deposits with russian money, something they deny. they had threatened to refuse to finalize a bailout unless the country clean up -- clint of its act, but berlin is reported to have relented after pressure from other eurozone countries. cyprus needs about 17.5 billion euros to keep afloat. >> onto wednesday's market action now, and european shares dropped later in the session, reaction to weak economic data out of the united states. our correspondents and as the summary from the frankfurt stock exchange. -- our correspondent sent us this summary from the frankfurt stock exchange. >> the people here are convinced that the euro sovereign debt crisis is slowl
.k., the british finance minister, george osbo e osborne, wants the e.u. to toughen bank regulation across the 27 member states. britain's set plans in motion to separate retail investment decisions in part on proposals from the finnish central bank governor. the fed is also reportedly considering a plan to help banks avoid costly regulations aimed at preventing derivatives trading from being subsidized by taxpayers. the "financial times" says it stems from the lincoln amendment, included in the 2010 dodd-frank law. it prohibits banks that have access to federal deposit insurance or fed credit from acting as derivatives dealers. u.s. banks will still be able to trade some products like interest rate swaps. under the rule, foreign banks would be forced to move their u.s. derivatives activities off their books. >> yeah. if you followed that, you get a gold star this morning. it's a tricky one. >> there's a law that means foreign banks will have problems trading derivatives in the united states. >> charlie, any thoughts here? >> you know, it's part of this broad regulatory framework being put in pla
eu joins us from beijing with more of the details. eunice, there have been questions about china's reliability in data. over the past couple of years. >> there's always a big question about that. in fact, goldman sachs and ubs were some of the brokerages that came out recently questioning the latest december numbers for the export figures. they were concerned that the export numbers reported by china didn't seem to match the export data from its trading partners and the slow at some of the ports. that was raising questions. the chinese officials came out and defended the numbers and said that the numbers were all well and good. there is so much skepticism about that. the trade data was looking as though it was very much in flux. however, when you take a look at those in isolation, it raises a lot of question marks. but in terms of going forward, how you read these data points, most economists say you have to look at them as guidelines. this is a developing economy. so in terms of guidelines, the latest figures that we saw for 2012 in terms of gdp or for industrial output and ever
britain should leave the e.u. and what that would mean. that has a lot of people talking here about the implications for the u.k., for europe. whether -- we had this big discussion about new york versus london. what happens to the banking system. what happens to the financial? that is the u.k. that's become a big i issue. let's bring in a good friend, as i said, of "squawk." bob hormatz, you know him well. a new -- not a fancy new title, but you're the under secretary of state for economic growth, energy, and the environment. that changed a year ago? >> yes, we tried to pull these together. increasingly what happens in the economy has an impact on the environment. environmental issues and energy issues are increasingly intertwined. >> always big in davos. and david cameron, it has an impact on the global economy if this were to go forward. the chances of it going forward i think are small. he has to get re-elected in 2015 to propose the up or down vote in 2017. it does put a cloud over the u.k. and e.u. a bit. >> the u.s. view has been not to get involved in u.s. politics. the u.s.
in schools. and ireland -- why deserters had to wait decades to be pardoned. eu leaders met to discuss how much solidarity they were prepared to show with the weakest members of the eurozone. in the end, the you chose not to abandon them, but greece continues to have to make drastic cuts, leaving marks that are visible throughout the country, including a long one of the world's most famous routes -- along one of the world's most famous routes. ♪ >> at precisely 42,195 meters long, this is the route that has become the standard for all marathon runners. the course was inspired by a 2500-year old myth, only today it is run on asphalt along with the capital's main roads. this is the bay where it said the legendary battle took place in 490 bc. it marked the first greek victory over the persians. according to legend, the athenian warriors gathered in a phalanx formation and managed to fight off a persian invasion. then a messenger ran the 42- kilometer distance to athens with news of the victory. at the local museum, the marathon's legacy is omnipresent. more modern-day hellenistic heroes hav
that continue to implement austerity measures. the eu statistics office announced unemployment in the zone stood at 11.8%. up 0.1 percentage points since october and highest since the euro was introduced in 1999. within the zone, spain showed the highest rate. it rose from 26.6% in spain. many young people out of work under half of those under 25 were jobless in the month. up 0.7 points since october. in portugal, unemployment stood at 16.3%. 14.6% in ireland. for greece, latest data up only to september. the jobless rate in that month, 26%. 0.7 percentage points higher than in august. >>> smoke from electry call fire filled the cabin of a boeing 787 at a boston airport. it was preparing for its next flight no. one was injured. a mechanic spotted smoke rising from the back of the aircraft at logan international airport. the plane had flown in from japan. all 172 passengers and 11 crew members had disembarked. firefighters found flames coming from a battery pack under the passenger's compartment and put out the fire. the battery starts the auxiliary power unit. it supplies electricity while the a
. >> and chinese's li na advances with a straight sets win over radwanska. and in the men's draw, 2k5eu6ed ferrer came from two sets down to beat his spanish kinman. he will play after the defensive champions. there's an awful other names there, but here's one i know i can pronounce. it's aaron. and listen, we have that massive number in the beginning. the number of unemployed people around the world. 197 million people are now job less. but what's really upsetting is the vast increases to that number coming from the developing countries like europe. but we're seeing a massive spillover in asia and the worry is the engines of growth aren't driving the labor market -- let's explain, because the reports out today from the i.l.o. showing five years on from the start of the global financial crisis, it's the biggest -- last year the number of people losing their jobs rose by 4 million stretching that global jobless cue. you saw it at the top of the program, 197 million. this year, 2013, another five middle people are expected to lose their jobs which would take over. what's most worrying is the worst-
as the eu politics are, they're on their way to unified banking regulation in the eurozone. their crisis fund has stabilized. it's not going to be pretty and it's going to take a couple of years still, but we are on our way to a stronger and more unified eu, with or without britain over time. >> what do you think? >> a little bit too positive to me. i would say europe is probably not coming apart. different said statement than europe is coming together. i think the reason it probably won't come apart is greece, not france. sooner or later, that is the real test. the president of france is taking france in directions that are truly unsustainable economically. but for germany, it's one thing if greece were to leave, but for france, it can't leave. if you're germany, that's the whole core, the whole concept, the dynamic of post-world war ii european integration. germany will go to great lengths, i think really whatever lengths it takes to keep france in. europe will survive but economic growth is not going to take off, it's still going to be extremely weak because it doesn't have in place a
the bailout. that was an incredible show of will. halting and clumsy and awkward as the eu politics are, they're on the way to banking regulation in the euro zone. it's not going to be pretty and it's going to take a couple years still, but we are on our way to a stronger and more unified eu with or without britain over time. >> what do you think? >> too positive to me. europe is probably not coming apart. different said statement than europe is coming together. the reason it probably won't come together is not greece, it's france. sooner or later, that is the real test. the president of france is taking france in directions that are truly unsustainable economically. france can't leave if you're germany because that's the whole core, the whole dynamic. the relationship. germany will go to great lengths, really, whatever lengths it takes to keep france in. europe will survive but economic growth is not going to take off, still extremely weak because it doesn't have in place any of the prerequisites. >> the head of morgan stanley had a piece where he said that europe is actually going to bounce
%, the transport budget by 15% and the police budget by 20%, how can we even be giving up on a cut in the e.u. budget before the negotiations have begun? >> we have to make cuts in budgets, because we're dealing with a record debt and deficit. but if he wants to talk about consistency, perhaps he can explain why his own members of the european parliament voted against the budget freeze that we achieved last year? perhaps he can explain why the socialist group in the european parliament that he's such a proud member of are calling not for an increase in the budget, not for a freeze in the budget, but for a 200 billion euro increase in the budget? and while they're at it, they want to get rid of the rest of the british rebate. is that his policy? >> the reality is this: he can't convince anyone on europe. last year he announced out of the december negotiations with a veto and the agreement went ahead anyway. you've thrown in the towel even before these negotiations have begun. he can't convince european leaders, he can't even convince his own back benchers. he is weak abroad, he is weak at home
, the eu debt crisis and superstorm sandy are expected to top issues. take a look at shares this morning. before the report, they're down .75% in frankfurt. so trailing the 34k9. they have been roughly flat over the last few months. james is a huge fan of werings season. you're so excited about this one, i know. >> i live for the wering hes season. you could spend almost your entire time -- >> there's only about three months of the year when you're not engaged in looking at earnings. >> ask you're probably on holiday. >> and are we too focused on werings season? >> samsung, earnings results up, share price down. if you think earnings is relative for share price performance, it isn't. we're talking about the reporting season rather than the underlying earnings. >> they have quite a lot of leeway. they've given guidance to the analysts about what those earnings might look like in the near term. all the analysts are pawing at the results. all in all, a huge amount of activity and brain power wasted on something which in the near term has been well flagged, isn't that important. >> at the sa
around the world. social democrats take control of the house and the eu is forced out of power in lower saxony. plus, optimism by the u.s. as republicans attempt to break the budget stalemate in congress. investors pulling back in japan as the boj begins its two-day meeting that's widely expected to back more easing and a new 2% inflation target. >>> and heavy snow bringing travel across northern europe. hundreds of flights canceled here in the uk. france and germany, too, with disruptions expected to continue for several days. >> yes. welcome to "worldwide exchange." ross westgate is away. he will be back later in the week from davos and along with plenty of other people and a lot of great guests. it's a three-hour program. the first three hours, i think the third you'll have to flip over to cnbc to catch. we will be heading out to washington as the capital prepares for the inauguration of president barack obama. but will he spend the next four years at the mercy of republicans? we'll explore that. plus, we'll assess if israel could be medicining for a right coalition as benjamin netan
who engage in scare will tell you that our party will come to power, rip up our agreement with the e.u. and take our country out of the eurozone break all of greece's ties with the culture civilized west and turn greece to a new north korea. my dear friends, this is the worst form of scare. my party doesn't want any of these things. we were always and will continue to be a european party. the fact we believe that europe is lost the road, in that it is imposing inhuman policies on it's very people can be considered antieuropean. of our policies have to match the best interest of the people of europe if we were to be considering ourself proeuropean. and the fact that europe is our common home and we have to protect it from the great depression that is spreading and threatening not only use europeans but the entire world economy we want to stop the splintering of europe. that's why we're against today's austerity policies. that's why we are standing against today's european us a austerity policies. i want to say it plainly, when it comes in to power. in greece wealth have one -- we'll hav
chancellor merkel certainly wanted to keep in the e.u. because they never went into the eurozone. but they are an active member of the e.u.. she wants to keep them in. >> time is getting a little tight here, so let's go to two questions very quickly. right here and then right over here. >> do you think it would enhance economic opportunities in asia if we had more asian members of congress? >> that's an interesting thought. of course, some very senior members of congress, in fact, the senior senator just died who, inouye, who had tremendous clout there. and you're seeing more and or more asian members elected, male and female. and i think you'll continue to see that. you know -- >> who else -- [inaudible] >> well, you have, i think there are several. you have one who's a korean, i think you have one korean-american, and i think you'll see more going forward because you've got a lot of asian americans who are mayors, you know, in major cities. and i think that the answer is i think would be very helpful to have more asian-americans as members of congress. and, of course, you had g
to respond. they have not taken any decisions beyond that. it is now for a eu states coming up at the 12th of march deadline whether or not they want to amend that in any way. it could be an unmanned -- amended so it would apply to the regime and not to opposition forces. it could be amended in many other ways. it would require the agreement of all member states. >> i understand we are already supplying equipment to elements within the surreal -- syria opposition. i am interested to know, that could be military. how strict is this embargo? is it possible if we are giving communications equipment that could be used a in conjunction with weaponry supplied by turkey? or some other countries to elements within the opposition? >> it is not military. it is certainly not lethal. the assistance includes things like the deployment of our response team to work with their opposition on their future plans. how they are getting help to people with basic needs. we are training through citizen journalist. we are providing water purification hits and generators to help civilians. -- water purification kit
early to say. i think the eu has taken action, the situation is much more stabilized, uncertainties have reduced. so i think we are on the right path for further growth. >> it's going to be a reasonably good year. if you exclude europe, i would say it's going to be a good year for the industry, but when you include europe, it's going to be exceptionally good. we are looking at the car market with the construction of 8%. we are protecting 3% of construction for 2013. i don't think in europe we are still in the recovery mode. except europe, growth everywhere. >> you see the different twist or europe in particular dpifg more stability. it's about combining different disabilities to reboost growth. >> all right. the final quote there coming back little by little, maria. >> yeah. a big diversified group of executives talking about the environment. joining us right now is the ceo of coca-cola, muhtar. it's great to see you. >> great to see you. >> what do you think? >> well, we continue to see opportunities everywhere in the world, the kind of opportunities are continuing to contract the code
's going to do a referendum on whether or not to keep the uk in the eu. what would be the implications if the eu has left? >> i think we are still quite far from that happening. of course, this announcement of a referendum years from now is creating uncertainty and is not necessarily helpful in terms of stabilizing the economy, neither in the uk or in the european union. >> do you think changes need to be made in terms of policies to encourage the uk to stay? >> in fact, many of the elements or the policy agenda of david cameron are something which are very important and the commission is working for the confidence of european industry, a rather comprehensive free trade agenda as well as the competition of the single market. this beneath for restoration of the european industry and of returning to sustainable growth and better employment. but there is no need to leave the european union for the policy -- >> this morning, as you well know, the foreign affairs and trade, as well, there's quite a lot of support around europe for david cameron's thought process of what he wants to achieve
in the motor race, though. we've had a big eu change on the agenda. >> yeah. >> we don't know how that's going to come out in the wash, do we? >> that changes things around. but in the short-term, it does mean that the markets are a little more volatile and it has been a sizable change. >> it's just unfortunate to some degree that these natural disasters which affect many people and are stressful events to live through then cause insurance premium toes rise, which sounds like that's what's happening in part of the u.s. >> it varies, but long-term insurers will look to make profit over a period of time. when they do happen, they have to look at have they been in line with all their expectations? >> and what's happening with capacity? it's dictated by capacity levels. >> yeah. pnc, capital comes in and out frequently been we are seeing money coming into the insurance sector. as capacity comes in, rates will go down. >> i want to talk about life, but first to cap off what happened with superstorm sandy, it took a while to get a sense of how costly that event was. what's emerging? >> i think most
is qualifying for e.u. bail-out money. 2013 is bringing more protests. young and old in athens. unemployment in greece is higher than spain. and pensions are slinking. >> we are rapidly going backwards. far backwards. the only battle is the battle on the street. >> greece is trying to keep a lid on things. mass transit strike in the second week. officials say they will jail workers if they don't go back on the job. greeks are tired. this is a hassle but what can we do? >> this is watched by the u.s. wall street buffeted by the european trouble. washington planning austerity moves and taxes and all are hoping what has happened in europe isn't a preview of years to come. bret? >> bret: greg palkot in london. thanks. >>> you have heard the talk is cheap. the promises are not. concerns entitlements and how to pay for them. jim angle says the president didn't shed light on that earlier in week. >> treated like innellis. he had several issues in inaugural address but one in particular stuck out to some. comment about entitlement. s. >> the commitment we make to each other, through medicare and soc
. in the u.k., this big e.u. debate about how important is european trade in the future, as well. you've also been speaking to the prime minister of latvia. what does he have to say? >> reporter:. latvia is a poster child, isn't it, for those on the right economically if you like who think that austerity and paying dunn your debts is the way that you restore growth. latvia had a very difficult crisis. they had negative growth and a contraction of the economy of somewhere around 20%. last year, they grew 5%. this year they're expected to grow 3.5%. and that's because they front loaded a lot of the cuts in government spending, and they forced down wage rates. i caught up with the latvian prime minister earlier this morning on "squawk box" and said, well, you've done it, greece, spain, italy, portugal, perhaps they should be learning lessons from you. let's listen to how he responded. >> i wouldn't go as far as now to tell exactly other countries what should be -- what they should be doing because each country has its own difficulties and its own way out of the crisis. but in general, we see tha
and the economy. and we're here listening to some of the leaders of the eu and other entities here trying to understand how they're dealing with their problems. and i think coming out of all this will be a renewed sense that in america we can compete and we will compete and we will continue to be the destination for capital and innovation. >> and we've got a natural gas boom, an oil boom, we've got thanks to low interest rates what appears to be some sort of a housing boom. so much more can happen. in fact it seems like the only body, the only institution that might stand in the way of 2013 being a great year is congress. >> well, listen. there is certainly not the outcome that anybody wants. and i'm hoping that after we've been through the election of last november, been through a fiscal cliff debate, working our way through a debt ceiling debate, i think in a responsible manner, with an eye towards trying to fix some problems. >> when you look at the options out there, president obama's budget proposal and paul ryan's offer, they both don't do what guys like you say need to be done, bal
states at 1.4, which means for every dollar you cut, you ha you had e lose $1 340eu in gross domestic product. goildman sax, which is not exactly a left-wing outfit has put it close to 1.5. cut $1, lose $1.50 in gross domestic product. economists at the the university of california have found that during recessions -- and it is important -- during recessions, the fiscal multiplier in developed countries generally falls between 1.5 and 2. that complicated economic gobbledygook boils down to this: $1 in reduced government spending will reduce gross domestic product by more than $1 -- by $1 340eu or $1.70 or whatever the multiplier is, and damages the economy without accomplishing the intended deficit reduction. other countries teame attemptedt austerity -- spain, greece, and portugal particularly have persistent double-dynel i think unemployment -- double-digit unemployment, over 126% i 26% in and greece, and they have anemic or negative economic growth rates. contrast that with the u.s. where a more balanced approach to the economic crisis yielded an unemployment rate that is still far
saying you're special, but only special if you stay at the heart of the eu. they're under pressure to renegotiation the relationship with brussels. but the u.s. assistant secretary said such a plan would have major consequences. as chairman of the business in europe outlined on cnbc last night. >> we don't want to run the risk of trying to set the bar too high in the sense that there's some fantastic renegotiation we can have where we can cherry pick the bits we like, get rid of the bits we don't, because the chances of that happening are probably close to zero. so we don't want to see any risk in our membership. we want more reform by absolutely we do. we made that very clear in the letter. but we don't want to risk or membership because our membership is responsible for millions of jobs and underpins our future prosperity. >> so that debate is going to em. at the same time, david, you think the pound is going to come under pressure. it's a triple cocktail that's going to undermine it. what is that? >> yeah. that's the idea we had, we were talking last year about europe rate cuts,
. reports say the action was taken on concerns was not complied to comply with eu safeguards against money laundering. the vatican is now looking for a non-italian bank to help with card services. they did not comment on the bank of italy's concerns. i'm assuming that the vatican is notre dame supporters, as well. >>> meanwhile, the countdown is on the u.s. jobs report. plenty more to come on "worldwide exchange" right after this break. >>> so naturally the jobs report will demand the bulk of the spotlight for investors. there are some other xhb reports out this morning. the nonfarm payroll reports out at 8:30 eastern. then we go the ism services index released at 10:00 a.m. eastern, looking for an index of 55.4 down from november. also at 10:00, we get november factory orders. janet yellen speaks about systemic risks at the annual meeting of the economics association at 3:30 p.m. futures are atlanta at the moment indicating a flat start but, of course, the open after the report that implied open for the s&p for what it's worth up .2 points for the s&p 500, dow jones is down 7 and fass dak
that they then find a solution presented to brussels and basically present the rest of the eurozone or the eu with a -- do you think this criticism is justified? >> certainly this is a point of criticism that's made outside of germany and france but that's made inside germany and france. some politicians frmt call for widening of the partnerships such as poll left-hand looking towards the east or spain or italy. even more so in the french population. there's a call of widening this partnership. as i've said, france and germany often do have contradictory policy positions. so other countries can really find themselves within these positions, i think. so at the end of the day, it's not so much i think a question of content, but rather a question of style. so what germany and france need to make sure is that they do show leadership, as i've said, to their political and economic weight, but they do find the balance between leadership and dominance because surely dominance is not what either of the two countries or any country in europe would want. >> lead but don't -- >> back to you. >> thank you
cameron speaking this morning. does that have any impact on your business? >> it does in a way. because u.s./eu trade is the one trade agreement that the u.s. has not done. that the europeans desperately need to get done. >> right. so the uk being part of that yes or no i would venture to say our government is going to have a lot to stay about the uk staying part of the eu i think as has been indicated. >> did you catch any of the comments about tax avoidance, sort of global tax avoidance issue? >> no, i did not. i'll stay quiet on that one. >> the other big topic here, energy. >> yes. >> and in particular, the u.s. energy situation, shale, fracking, et cetera, you bullish, you bearish, where do you think we really are? i mean people have prognosticated for now awhile that we were going to get there but doesn't seem like we're there. >> andrew, i think it is the bull case for the world. so to answer your question, i'm billish. and i think it's a game changer. and i think it is probably the story of global economic recovery if handled right. and frankly, the beneficiaries of that will be the u.s
growth. recovery under the spotlight. it takes on the rotating presidency of the e.u. steve spoke to the country's deputy prime minister and asked about dublin's plans to exit the e.u./imf support program and the chances of ireland brokering a budget deal during its pregnancy. >> it was disappointing the agreement wasn't reached in november. the president is proceeding with having discussions with member states. we expect that in and around february or certainly the early part of the year that there may be new proposals for a european budget for the next seven years. i think it's important that the european union has a budget that is fit for purpose. member states have given the european union a lot of additional competences over the past number of years. and it's important that we have a budget which is capable of delivering on those. and in particular, delivering on the initiatives that the european union needs to take to get the european economy to grow, to create jobs. areas like research, for example, the common agriculture policy. these are areas that need financial support
a departure from the e.u. reme we ng about that, but some kind of modification. they have more financial transactions to tax than anybody else in europe. i mean, france and germany can say they have no problem with it. that's because they don't have that many of them. so that's why. >> you know, michelle, the big story may be whether or not "downtown abbey's" finances are being mismanaged. >> if they reduce the number of seasons because of that, that would be terrible. >> i knew that would get you. thank you, michelle. >>> let's get a check on energy and commodities. >> hey, from europe to asia, we're looking at japan as a key driver in the commodities markets today. of course the bank of japan stimulus plans, something that's helping many commodities including gold and the fact we may see inflation down the road for gold. and we're finding them above the 16 90 level. it looks like it could be a doubtful case for gold to continue its gold run. that something that citi is looking at its inability to sustain above the $1,800 level. that may weigh on the bullish case for gold. that's accord
kerry would be a very effect t*eu secretary of state because he could carry out president obama's foreign policy position. he sailed he wouldn't pick him as secretary of state because they have a very different philosophy, bill. bill: we'll see if she mentions some of the more fiery hot spots on the globe today, she's been traveling a million miles, isn't that what she said yesterday. >> reporter: we heard a lot about her traveling more than a million miles as secretary of state. those of who who like hillary clinton were applauding her for her service and her going all over the world and others wanted to ask tough questions about benghazi. martha: i see elizabeth war warren at the table there. is she playing a roam? we are seeing new faces in the senate. >> reporter: i think she has an introduction here. do you want to listen in. martha: sure. >> i know will continue in the tradition of john quincy adams and christian herder as great secretaries from the commonwealth of massachusetts. although john learned more about diplomacy overseas and in the senate he'll be the first to te
cameron puts off his big eu policy pictures first. the fed putting out a statement saying there are less than 30 british nationals overnight in those events. in the meantime, a moratorium indicating that the terrorist groups are going to use these kidnappings as a way of furthering their activity and raising funds. they're warning algerians, in fact, to stay away from some of these sights and is we've had guests this morning telling us that they think the market is underappreciating that this is a game changer in activity not just in mali, but across west africa in general. lastly, the aussie/dollar is down, too. there is some risk coming out in this risk off despite stocks doing better. the dollar/yen had punched through 90. it's now below 89. that was above 1 is.25. it's moving back to some of its gains. so some major levels hit in forex today, guys. it's not just about 1500 on the s&p. although to be sure, people around the world will be watching that level, as well. back over to you. >> kelly, are you behind the jap foes because they are the ultimate kainsians at this point? >> no. w
cameron vowing a referendum on whether britain remains in the eu. in japan, longest losing streak in two months. china awaits data, that's out tonight. the road map in the u.s. starts off at the golden arches. u.s. same-store sales up 9% for mcdonald's, helped by the dollar menu and mcrib. >> ibm and google surging premarket. google gets its price target raised by six firms this morning on better than expected earnings. >> coach getting pummeled this morning, blaming its big earnings miss on weakness in north america during the holidays. it says it is transforming itself into a lifestyle brand. >> apple's results tonight after the bell. could this be the quarter that marks the bottom on the stock. will tim cook talk about the next omg product in the pipeline. >>> we'll start with mcdonald's. it earned 1.38 nds the fourth quarter, it exceeded estimates. ceo don thompson said for the near term, mcdonald's expects top and bottom line growth to remain under pressure with january global comp sales expected to be negative. jim, it's come a long way since the mid-80s here. still pressure on mar
. -- that our current immigration system is not working effectively, indeed is 235eu8ing 0en 00 -- indeed is failing ton a daily basis cannot be denied. it needs to be fixed. it is a challenge for us to do so and will not be easy. i would, however, warn my colleagues that a framework is not a bill. and in 2006 and 2007 with the full support of the republican president of the united states, a bipartisan committee announced with great confidence that they had a plan that was going to fix our immigration system and we were all just going to line upped and vote for it much the masters of the universe had decided -- they'd meat in secret, they had all the special interest groups gather and they had worked out a plan that was going to change our immigration system for the better and we should all be most grateful. it came up with 2006, it did not pass. it came back again in 2007 with even more emphasis, and it failed coul loss -- and it failed colossally. it did not do it what they said it would do. it did not end the illegality. it did not set forth a proper principle of immigration for amer
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